Ending the year strong, international crypto platform Bitget revealed that by December 2024 alone, its proof of reserves reached a reserve ratio of 134% and its hedge fund reached $617 million.
What is the meaning? Growing data shows that more cryptocurrency traders are using Bitget for their investment activities.
Remove: In November 2024, Bitget’s hedge fund peaked at $643 million, the highest in the company’s history.
- Furthermore, in a report by information services company The Block on Asia-Pacific (APAC) based crypto exchanges, Bitget recorded a trading volume of $178 billion in December 2024.
- However, In October 2024, Infrawatch PH, a public policy group, asked the Securities and Exchange Commission to take swift action against Bitget, alleging that it operates illegally in the Philippines.
December Bitget Reserve Test
According to Bitget, the crypto exchange’s 134% reserve ratio shows its focus on ensuring that users can verify the security and sufficiency of their funds.
- How it works: Bitget’s Proof of Reserves is an auditing process that ensures the exchange keeps 100% of users’ assets in reserve through the use of cryptographic proofs and public wallet ownership, verified through recurring audits.
- Why is it important? The crypto exchange emphasized the need to publish a report on its reserve ratio to ensure that user funds are adequately protected, even in unpredictable market conditions.
Key quote:
“Bitget uses the Merkle tree verification system to ensure the accuracy of its Proof of Reserves. This method securely groups each user’s asset data into a tree structure, allowing individual users to verify their holdings while ensuring the integrity of the platform’s overall reserves. Through this system, the platform demonstrates that its total reserves exceed 100% of user balances, offering an extra layer of security and transparency.”
bitget
The numbers: Here are Bitget’s tests or reserves by asset, as of December 2024.
- $BTC reserves stand at 188%
- Platform holdings: $17,000BTC
- User Assets: $9,047BTC
- $ETH reserves are at 108%
- Platform holdings: 141,000 $ETH
- User Assets: 130,816$ETH
- $USDT reserves are in 112%
- $USDC has a reserve ratio of 200%
Bitget December Protection Fund
According to Bitget, the cryptocurrency exchange’s $617 million valuation of the protection fund shows its commitment to user security and trust.
- How it works: The Bitget Protection Fund is a reserve that protects users’ assets against cybersecurity threats and theft and is updated regularly to ensure that users can trade with confidence.
- Why is it important? The crypto exchange explained that the fund continues to act as a critical safeguard for Bitget’s global user base, reflecting the exchange’s strong risk management strategies during periods of heightened market activity.
Key quote:
“The Protection Fund embodies Bitget’s mission to provide a secure environment for all users. Their consistent performance ensures that we maintain the highest standards of security and transparency, even during periods of market fluctuation. “The December assessment reaffirms our continued commitment to safeguarding user assets.”
Gracy Chen, CEO of Bitget
This article is posted on BitPinas: Bitget Reports 134% Proof of Reserves Ratio and $617M Hedge Pool for December 2024
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